The document is a list of disruptors in various sectors that have received funding in Europe and the US. It shows that mobility (ride-sharing and on-demand transportation), insurance/finance (online lending and payments), and retail attracted the most investment overall. The US significantly outpaced Europe in total funding across all sectors, receiving around $26 billion compared to Europe's $8.6 billion. Within sectors, the US also generally dominated total funding amounts, except for retail where Europe received slightly more. The document provides details on the top 10 disruptors in each sector that raised the most capital.

1. NOAH Disruptor List

2. 2
The NOAH Conference Berlin

3. Disruptor Financing by Segment
Source: Company disclosures, websites and press releases, Crunchbase, NOAH Advisors.
Note: Data only includes the 10 largest funding in the segment considered. 3
0.6
1.9
4.2
1.4
0.2
0.1
0.9
0.2
0.5
0.1
8.6
5.7
1.9
3.7
2.1
2.2
1.4
1.5
1
1.2
Mobility
Insurance & Finance
Retail
Media, Telecom & Gaming
Healthcare & Science
Fitness, Wearables & Sports
Advertising
Home Automation
Travel & Tourism
Education Europe US
The amount invested in the leading European disruptors is only around a third of that in the US
6%
12%
39%
5%
9%
27%
68%
26%
8%
33%
% EU Share
Capital Invested in Leading Disruptors by Sector ($m)
9.2
7.6
6.1
5.1
2.3
2.3
2.3
1.7
1.5
1.2
Only segment where the European raised
more funds than the US disruptors
26%
74%
Total Capital Invested by Region

4. Largest Disruptors by Funding
Europe - Capital Raised ($m) / HQ / Year Founded US - Capital Raised ($m) / HQ / Year Founded
Source: Company disclosures, websites and press releases, Crunchbase, NOAH Advisors. 4
1,300
781
689
538
502
313
300
282
273
271
263
207
205
195
194
179
177
172
151
148
Retail
Retail
Retail
Media Telecom & Gaming
Retail
Advertising
Insurance & Finance
Insurance & Finance
Insurance & Finance
Retail
Insurance & Finance
Mobility
Retail
Retail
Retail
Retail
Insurance & Finance
Insurance & Finance
Home Automation
Insurance & Finance
2011
2011
2009
2006
2001
2006
2005
2006
2009
1998
2012
2010
2012
2005
2009
2009
2009
2009
2009
2012
2012
2007
2010
2003
2012
2008
2007
2011
2009
2000
2006
1999
2003
2013
2005
2002
2010
5,900
1,600
1,300
1,262
1,058
863
795
766
715
628
592
591
583
580
519
500
454
362
340
334
Uber
Avant
Pinterest
Lending Club
Tesla
Lyft
Airbnb
Sofi
Gopro
Ondeck
Magic Leap
Square
ability
Vice
jawbone
Tinder
Sonos
wework
slack
Etsy
Mobility
Insurance & Finance
Media Telecom & Gaming
Insurance & Finance
Mobility
Mobility
Travel & Tourism
Insurance & Finance
Fitness, Wearables & Sports
Insurance & Finance
Fitness Wearables & Sports
Insurance & Finance
Healthcare & Science
Media Telecom & Gaming
Fitness, Wearables & Sports
Media, Telecom & Gaming
Home Automation
Mobility
Media, Telecom & Gaming
Retail
Presenting at
The Unicorns revealed!
2010
2008
2011

5. Ç√
Ç√ 5,900
1,058
863
362
143
63
61
58
50
43
Uber
Tesla
Lyft
WeWork
INRIX
RelayRides
Handy
Postmates
Streetline
Getaround
207
101
101
82
25
23
15
11
10
10
gett
BlaBlaCar
Hailo
Moovit
mytaxi
Blacklane
Cabify
Drivy
Citymapper
Carma
The most well-funded segment, fueled by soaring appetite for on demand taxi services
Mobility ($9.2bn)
2006
2010
2011
2011
2011
2009
2010
2011
2007
2009
2003
2012
2010
2004
2008
2009
2010
2012
Presenting at
On demand taxi
Peer-to-peer ride sharing
On demand taxi
Travel information
On demand taxi
On demand taxi
On demand taxi
Peer-to-peer car rental
Travel information
Peer-to-peer ride sharing
On demand taxi
Smart car manufacturer
On demand taxi
Shared workspace
Travel information
Peer-to-peer car rental
On demand services
Online logistics
Travel information
Peer-to-peer car rental
6%
$0.6bn
94%
$8.6bn
Europe
US
5Source: Company disclosures, websites and press releases, Crunchbase, NOAH Advisors.
Note: Data only includes the 10 largest funding in the segment considered.
Europe - Capital Raised ($m) / HQ / Year Founded US - Capital Raised ($m) / HQ / Year Founded
Funding - Europe vs. USMost Active Investors in Europe Most Active Investors in the US
2010

6. Online payments and credit are on rise and so is the capital injected
Insurance & Finance ($7.6bn)
2006300
282
273
263
177
172
148
145
115
90
Adyen
Klarna
Funding Circle
Kreditech
Powa Technologies
Borro
WorldRemit
Wonga
iZettle
eToro
2005
2009
2012
2007
2008
2010
2007
2010
2010
20121,600
1,262
766
628
591
307
200
130
91
89
Avant
Lending Club
Sofi
Ondeck
Square
Mozido
Stripe
Wealthfront
Taulia
Coupa Software
2007
2007
2009
2008
2010
2011
2009
2009
Europe - Capital Raised ($m) / HQ / Year Founded US - Capital Raised ($m) / HQ / Year Founded
Online Payments
Online Payments
Peer-to-peer financing
Online credit
Mobile payment
Online loans
Money transfer
Online credit
Mobile payment
Money transfer
Online loan
Online loan
Online loan
Business loan
Mobile payment
Mobile payment
Online & mobile payment
Wealth management
Invoicing and payments
Payment software
26%
$1.9bn
74%
$5.7bn
Europe
US
6Source: Company disclosures, websites and press releases, Crunchbase, NOAH Advisors.
Note: Data only includes the 10 largest funding in the segment considered.
Funding - Europe vs. USMost Active Investors in Europe Most Active Investors in the US
Presenting at
2011

7. Retail ($6.1bn)
2010
68%
$4.2bn
32%
$1.9bn
US
Europe
1,300
781
689
502
271
205
195
194
179
118
Zalando
Just Eat
Privalia
ozon.ru
Farfetch
HelloFresh
WestWing
Takeaway.com
2011
2011
2001
2006
1998
2009
2000
2012
2005334
275
254
225
225
211
122
116
112
65
Etsy
Instacart
JustFab
Jet
One Kings Lane
HARRY'S
Honest Co.
Warby Parker
GrubHub
Nasty Gal
2012
2010
2014
2006
2009
2011
2010
2004
Source: Company disclosures, websites and press releases, Crunchbase, NOAH Advisors.
Note: Data only includes the 10 largest funding in the segment considered.
A competitive, fragmented space driven by strong vertical champions
Food delivery
E-commerce
Food delivery
E-commerce
E-commerce
E-commerce
E-commerce
Food delivery
E-commerce
Food delivery
E-commerce
Food delivery
E-commerce
E-commerce
E-commerce
E-commerce
E-commerce
E-commerce
Food delivery
E-commerce
7
Europe - Capital Raised ($m) / HQ / Year Founded US - Capital Raised ($m) / HQ / Year Founded
Funding - Europe vs. USMost Active Investors in Europe Most Active Investors in the US
Presenting at
2008
2011

8. Media, Telecom & Gaming ($5.1bn)
2006
28%
$1.4bn
72%
$3.7bn
Europe
US
538
149
140
125
123
80
80
72
50
32
Spotify
Deezeer
Kobalt
Shazam
SoundCloud
Truecaller
Silent Circle
Fon
LiveU
Wooga
2006
2009
2000
2002
2007
2009
2012
2006
2006
20101,300
580
500
340
245
210
153
116
108
104
Pinterest
Vice Media
Tinder
Slack
Mode Media
Nextdoor
Roku
Kaltura
Vox Media
Twilio
2006
2012
2013
2011
2010
2009
2007
2002
2006
Source: Company disclosures, websites and press releases, Crunchbase, NOAH Advisors.
Note: Data only includes the 10 largest funding in the segment considered.
The oldest, largest internet segment with the most multi-billion dollar companies
Online music
Online music
Online music
Online music
Online music
Telecom
Telecom
Telecom
Online video
Gaming
Social network
Online media
Social network
Connectivity
Online media
Social network
Online video
Online video
Online media
Cloud services
8
Europe - Capital Raised ($m) / HQ / Year Founded US - Capital Raised ($m) / HQ / Year Founded
Funding - Europe vs. USMost Active Investors in Europe Most Active Investors in the US
Presenting at

9. US received most of the funding – EU promising, but at toddler stage
Healthcare & Science ($2.3bn)
2008
72
35
32
27
11
10
10
9
9
3
2001
2006
2010
2010
2004
2013
2011
2013
2000583
295
292
153
141
139
136
128
125
98
2013
2001
2012
2006
2011
2013
2007
Cloud-based services
Health insurance
Lead generation
Analytics
Disease monitoring
Analytics
Lead generation
Analytics
Analytics
Lead generation
10%
$0.2bn
9%
$2.1bn
Europe US
2008
2012
2012
Gesture capture
Social network
Disease monitoring
Disease monitoring
Lead generation
Disease monitoring
Analytics
Lead generation
Disease monitoring
Lead generation
9Source: Company disclosures, websites and press releases, Crunchbase, NOAH Advisors.
Notes: Data only includes the 10 largest funding in the segment considered. 1. Acquired by MedImmune.
Europe - Capital Raised ($m) / HQ / Year Founded US - Capital Raised ($m) / HQ / Year Founded
Funding - Europe vs. USMost Active Investors in Europe Most Active Investors in the US
Presenting at

10. The new frontier is backed by prominent investors and… strong consumer sentiment
Fitness, Wearables & Sports ($2.3bn)
200834
33
15
15
12
7
6
5
4
4
2008
2010
2010
2012
2008
2010
2013
2011
2012
2003715
592
519
84
77
63
54
44
39
35
2011
1999
1996
2012
2007
2007
2010
2011
2012
Health tracking device
Sports information
Visual information
Sports analytics
Sports video
Health tracking app
Marketplace
Health tracking device
Motion detection
Sports analytics
Sports video
Augmented reality
Health tracking device
Health tracking device
Sports analytics
Health tracking device
Marketplace
Motion detection
Sports analytics
Sports Analytics
5%
$0.1bn
95%
$2.2bn
Europe US
10Source: Company disclosures, websites and press releases, Crunchbase, NOAH Advisors.
Note: Data only includes the 10 largest funding in the segment considered.
Europe - Capital Raised ($m) / HQ / Year Founded US - Capital Raised ($m) / HQ / Year Founded
Funding - Europe vs. USMost Active Investors in Europe Most Active Investors in the US
Presenting at

11. Advertising ($2.3bn)
2005
38%
$0.9bn
62%
$1.4bn
Europe US
313
105
87
81
77
75
45
44
35
35
2010
2010
2000
2011
2008
2008
2011
2010
2002
2008
330
288
143
134
124
97
94
89
77
74
New Relic
AppNexus
INRIX
Videology
Sprinklr
Return Path
App Annie
AdRoll
Urban Airship
xAd
2007
2002
2007
2009
2009
1999
2007
2010
2009
A highly competitive space with large corporations holding strong industry positions
Retargeter
App Delivery
Ad Network
Ad Network
Mobile Advertising
Analytics
Augmented Reality
Analytics
Marketing Software
Analytics
Analytics
Ad Platform
Marketing Software
Ad Network
Marketing Software
Email Marketing
Analytics
Retargeter
Marketing Software
Mobile Advertising
11Source: Company disclosures, websites and press releases, Crunchbase, NOAH Advisors.
Note: Data only includes the 10 largest funding in the segment considered.
Europe - Capital Raised ($m) / HQ / Year Founded US - Capital Raised ($m) / HQ / Year Founded
Funding - Europe vs. USMost Active Investors in Europe Most Active Investors in the US
Presenting at

12. Home Automation ($1.8bn)
2009
14%
$0.2bn
86%
$1.5bn
Europe US
151
23
19
16
8
6
6
6
2
SIGFOX
Electric Imp
Neul
tado°
orderbird AG
yetu
Humavox
Scypho
Netatmo
coodo 1
2011
2010
2010
2011
2011
2010
2010
2010
2011
2002454
214
205
157
119
94
87
80
57
56
2009
2004
2003
2006
2008
2003
2009
2009
2010
Surging investment activity, as homes are getting smarter
M2M communication
Smart home platform
M2M communication
Smart home devices
Smart home platform
Smart home platform
Smart home device
Smart home devices
Smart home devices
Smart home devices
Smart home devices
Marketplace
Smart home platform
Smart home platform
M2M communication
Smart home platform
Smart home platform
Smart home devices
Home security
Smart home devices
12Source: Company disclosures, websites and press releases, Crunchbase, NOAH Advisors.
Note: Data only includes the 10 largest funding in the segment considered.
Europe - Capital Raised ($m) / HQ / Year Founded US - Capital Raised ($m) / HQ / Year Founded
Funding - Europe vs. USMost Active Investors in Europe Most Active Investors in the US
Presenting at

13. 795
81
44
39
25
9
8
7
7
7
Pinterest
Vice Media
Tinder
Slack
Mode Media
Nextdoor
Roku
Kaltura
Vox Media
BookingPal
Travel & Tourism ($1.5bn)
1996
32%
$0.5bn
68%
$1.0bn
Europe US
137
90
69
60
56
44
31
13
5
5
2011
2003
2009
2010
2009
2012
2009
2010
2008
2010
2010
2010
2012
2007
2012
2013
2012
2011
Expedia and Priceline consolidating the industry while VCs have funded players in niches
Online Travel Agent
Peer-to-peer rental
Travel Technology
Peer-to-peer rental
Peer-to-peer rental
Social Network
Online Travel Agent
Online Travel Agent
Travel operator
Travel Metasearch
Peer-to-peer rental
Online Travel Agent
Online Travel Agent
Social Network
Lead Generation
Online Travel Agent
Social Network
Social Network
Lead Generation
Peer-to-peer rental
2011
13Source: Company disclosures, websites and press releases, Crunchbase, NOAH Advisors.
Note: Data only includes the 10 largest funding in the segment considered.
Europe - Capital Raised ($m) / HQ / Year Founded US - Capital Raised ($m) / HQ / Year Founded
Funding - Europe vs. USMost Active Investors in Europe Most Active Investors in the US
Presenting at

14. 216
169
165
106
105
100
95
88
85
79
Education ($1.3bn)
200830
11
10
10
10
10
10
7
6
6
Lecturio
Babbel
Peak
Quipper
Tonara
Brainly
iversity
Memrise
Docebo
2007
2012
2010
2008
2009
2011
2010
2005
2008
2000
2007
2013
2001
2012
2008
2007
2012
2006
2011
Academic education
Content Distribution
Foreign language
Training app
Education management
Specialty education
Social network
Content distribution
Foreign language
Training management
Content distribution
IT courses
Content distribution
Specialty
Content distribution
Social network
Content distribution
Social network
Content distribution
Training management
8%
$0.1bn
92%
$1.2bn
Europe US
Pearson managed to move digital while the industry is still looking for a strong disruptor
14Source: Company disclosures, websites and press releases, Crunchbase, NOAH Advisors.
Note: Data only includes the 10 largest funding in the segment considered.
Europe - Capital Raised ($m) / HQ / Year Founded US - Capital Raised ($m) / HQ / Year Founded
Funding - Europe vs. USMost Active Investors in Europe Most Active Investors in the US
Presenting at

15. NOAH Berlin Concept
Presenting Companies by Industry Verticals
Healthcare
& Science
Fitness,
Wearables
& Sport
Advertising
Insurance &
Finance
Education
Travel &
Tourism
Mobility
Media,
Telecom &
Gaming
Retail
Home
Automation
Co-Hosted by
Strategic
Partners
15
Presenting Companies by Industry Verticals Keynotes & Other Sessions

16. Main Stage Program
Latest Online Program >>
16

17. The NOAH Ecosystem
17Includes only a small sample of companies regularly attending NOAH Conferences.
Corporates
Internet
Investors
“Where Business
Gets Done!”!
Venture'Capital'
Growth'Capital'
Buyout'
Recrui5ng' PR' Legal'
Accoun5ng' Banking' Press'
Media' Large'Cap'Internet' Other'
EarlyStageLateStage
The$graphic$reflects$only$a$small$selec3on$of$current/past$a7ending$companies$
Service Providers

18. Oct-14 (2013) Germany IPO 7,600
Sep-14 (2013) Germany IPO 7,500
Mar-14 (2011) UK IPO 7,400
Oct-10 (2009) UK IPO 3,700
Oct-13 (2011) France IPO 2,700
Jan-12 (2009) Czech Republic IPO 1,200
Nov-13 (2012) Israel IPO 895
Apr-14 (2013) Spain IPO 440
Apr-14 (2012) Switzerland IPO 280
Jul-14 (2012) Israel IPO 194
May-11 (2009) Luxembourg 8,000
Nov-13 (2009) Sweden Multiple Mega Fund Raises 5,000
Jan-14 (2011) UK 2,800
Nov-13 (2012) Germany 2,500
Feb-14 (2013) Russia Multiple Mega Fund Raises 1,800
Nov-12 (2010) USA 1,800
Mar-15 (2009) UK 1,550
Jan-14 (2010) France 1,500+
Dec-14 (2011) Netherlands Mega Multiple Fund Raises 1,500
Jun-13 (2011) USA 1,100
Dec-12 (2011) Germany 1,050
Sep-14 (2011) Germany 1,000
Sep-14 (2009) UK 1,000
Mar-14 (2013) Sweden Multiple Mega Fund Raises 1,000
Mar-14 (2012) Czech Republic 1,000
Jan-11 (2011) France 846
Oct-13 (2012) UK 800
Dec-14 (2009) France 800
Jan-15 (2011) UK 680
May-15 (2013) Turkey 665
Apr-11 (2011) Germany 600
Feb-13 (2009) Spain 345
Jan-11 (2010) UK 320
Oct-12 (2010) Germany 311
Jul-12 (2012) Czech Republic 250
May-14 (2012) Israel 228
Mar-15 (2013) Germany 215
Oct-14 (2011) Denmark 210
Jul-14 (2013) Switzerland Multiple Mega Fund Raises 200
May-14 (2010) Turkey 200
Oct-14 (2012) Germany 190
Sep-14 (2012) Italy 100+
Oct-14 (2010) Spain 100
Jun-14 (2013) Israel 100
Oct-13 (2012) Israel 100
Oct-12 (2011) Germany 50
Date Company (First on Stage) Buyer Valuation ($m)
M&A
IPO Current Market Cap ($m)
Headquarters
(60%)
(undisclosed %)
(undisclosed %)
(minority)
18
Winners on Stage

19. 19

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